Alizz Islamic Bank organises Bushra Prize Savings Account quarterly, monthly and weekly draws
Alizz Islamic Bank recently organised the latest quarterly draw event for Oman’s first Sharia’acompliant Prize Savings Account, Bushra. The draw was held at Alizz Islamic Bank's Barka branch in the presence of a number of senior staff members of the bank and customers.
Three winners received the weekly prize of RO1,000 each. The monthly draw winner took home RO25,000 and the quarterly draw winner won RO50,000.
Alizz Islamic Bank launched the Bushra Prize Savings Account early last year as Oman’s first fully Sharia’a-compliant Prize Savings Account offering daily, weekly, monthly, quarterly and annual cash prizes as hiba (gift) from the shareholders. The account, which comes with the approval of the Sharia'a Supervisory Board, reflects the bank’s efforts to deliver innovative and high-quality products and ensure a premium customer experience.
Bushra Prize Savings Account is based on the Sharia'a principle of ‘Mudaraba’ under which the bank invests customer savings in Sharia'a-compliant financing to generate the best possible returns and profits. The customer acts as the capital provider while the bank takes up the role of ‘Mudarib’ or entrepreneur. All customer funds along with the bank’s own capital are pooled and invested in Sharia'a-compliant investment options and the profit generated is shared between the bank and the customer on predetermined ratios. Cash prizes offered under the scheme are gifted from shareholders’ funds. The minimum amount required to be eligible for the draws is only RO100, and customers also receive monthly generated profit on their deposited amounts.
The account comes with various benefits and features such as a free debit card, online and mobile phone banking services and short text message alerts for any transaction.
The Bushra Prize Savings Account reflects the bank’s commitment in pioneering innovative Sharia’a-compliant products and services that cater to customers’ needs.